Markets react to Strait of Hormuz tensions

US indices pulled back after the open, while commodities moved higher as several shipping companies began rerouting vessels around the Strait of Hormuz.

Gold, silver and copper are correcting despite the broader commodity bid. $BTC dipped slightly to $66,500, but is still up 5% over the past week.

Donald Trump said the time for negotiations with Iran has passed, hinting at potential escalation. Earlier, timelines of a few weeks were mentioned for resolving the conflict.